Stock Update (NASDAQ:HOTR): Chanticleer Holdings Inc Raises Approximately $6.0 Million to Date in Rights Offering
Chanticleer Holdings Inc (NASDAQ:HOTR), owner and operator of multiple restaurant brands internationally and domestically, today announced that it has received subscriptions totaling approximately $6.0 Million to date through its Rights Offering. The Company expects to close its planned acquisition of Little Big Burger and increase its ownership in Hooters Australia by September 30, 2015. Given increased shareholder demand in the final day of the Rights Offering, the Company has extended the Rights Offering until end of day Tuesday, September 22, 2015 to provide additional time to accommodate shareholder of record orders.
Chairman and CEO of Chanticleer Holdings, Mike Pruitt, stated, “We are very pleased with the participation and support from our existing shareholders and we expect to complete the acquisition of Little Big Burger and increase our financial interest in Hooters Australia by the end of September. Thank you to the many investors who participated and supported our vision. Given the significant increase in interest in the Rights Offering over the last few trading days, we have chosen to extend the Rights Offering for two days to allow additional time to complete processing of subscriptions from shareholders of record.”
The Company has extended the rights offering by two trading days until end of day Tuesday, September 22, 2015. From today forward, all subscriptions will be accepted on a first-in, first served basis, calculated on a daily basis. In the event the Rights Offering is oversubscribed, there would then be a pro-rata allocation of shares among participants subscribing on the last day of the offering.
Rights offering shareholders of record have the right, but not the obligation, to exercise their non-transferable basic subscription rights for $1.35 per common share, which allows the Company’s shareholders of record to acquire additional shares of common stock (in the “rights offering”). The rights offering also includes an over-subscription privilege, which entitles each rights holder who exercises all of their basic subscription rights in full the right to purchase additional shares of common stock that remain unsubscribed during the subscription period at $1.35 per Common share. Both the basic and over-subscription privileges are subject to the availability and pro rata allocation of shares among participants. All basic subscription rights and over-subscription privileges may be exercised during the subscription period on a pro-rata basis. (Original Source)
Shares of Chanticleer Holdings Inc closed last Friday at $1.40. HOTR has a 1-year high of $4.18 and a 1-year low of $1.16. The stock’s 50-day moving average is $1.56 and its 200-day moving average is $2.44.
Chanticleer Holdings Inc operates Hooters franchises internationally and several restaurant and bar concepts domestically. It is engaged in owning and operating fast casual dining concepts domestically and internationally.